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India's economy grows almost 9%

A bank employee counts out Indian rupees in Mumbai.

TEXT OF STORY

BILL RADKE: As the U.S. limps along, here comes a report today that India's economy grew almost 9 percent this spring -- that's extremely fast.

Here's the BBC's Rahul Tandon in Calcutta.


RAHUL TANDON: The 8.8 percent growth rate is evident throughout India. Walk around any city here and you'll see loads of building and construction.

Vikas Pota advises companies on how to do business in India.

VIKAS POTA: If you're sitting in the west it's astronomical, it's spectacular. But if you look at it from an Indian perspective, it's to be expected. India's been growing at this rate or thereabouts for the last five years and I think they'll be disappointed that they haven't hit the 9 percent mark.

But with high inflation and rising interest rates, analysts expect the Indian economy to slow down. Many here are also worried about the impact a double dip in the U.S. economy may have. Much of India's outsourcing revenue comes from the U.S.

In Calcutta, I'm the BBC's Rahul Tandon for Marketplace.

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So true H.S. A revolution is needed.

All that job outsourcing has been great for American companies' short term profits but we are reaping what we have sewn. China is soon to be a larger economy than the US, and India catching up. While they are growing, where does that leave us? In a recession that will never end no matter which party is in control.

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